May 2026
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Largest Contract Research & Manufacturing Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
IQVIA, Sartorius, Medpace, ICON plc and Charles River.
 | Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business. | $168 | +20% | $28B | $42B | 2.6x | 11.1x | ||
| Sartorius Stedim Biotech is a leading provider of bioprocessing solutions. Its sells equipment and consumables for fermentation, filtration, fluid management, purification, and cell culture media for manufacturing biologic drugs and has a focus on single-use technology. It is a subsidiary of Sartorius AG, which has 71.5% ownership and 83% voting control. The business is geographically diverse, with 35% of sales from the Americas, 42% from Europe, the Middle East, and Africa, 15% from Asia excluding China, and 8% from China. | $202 | -10% | $20B | $22B | 6.3x | 20.4x | ||
| Medpace is a late-stage contract research organization that provides full-service drug-development and clinical trial services to small and midsize biotechnology, pharmaceutical, and medical device firms. It also offers ancillary services, including bioanalytical laboratory services and imaging capabilities. The company was founded over 30 years ago and has more than 5,400 employees across 40 countries. Medpace is headquartered in Cincinnati, Ohio, and its operations are primarily based in the US, with additional presence in Europe, Asia, South America, Africa, and Australia. Cinven, a global private equity firm, acquired Medpace for $915 million in 2014 and exited its investment in 2018. | $433 | +47% | $12B | $12B | 4.7x | 21.0x | ||
| Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical-device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland. | $117 | -10% | $9B | $12B | 1.4x | 7.7x | ||
| Charles River Laboratories was founded in 1947 and is a leading provider of drug discovery and development services. The company’s research model & services segment is the leading provider of animal models for laboratory testing, which breeds and delivers animal research models with specific genetic characteristics for preclinical studies around the world. The discovery & safety assessment segment includes services required to take a drug through the early development process, including discovery services. The manufacturing support segment includes microbial solutions, which provides in vitro (non-animal) testing products, biologics testing services, and avian vaccine services. | $160 | +18% | $8B | $11B | 2.6x | 10.9x | ||
| Repligen, headquartered in Waltham, Massachusetts, is a global life sciences company that develops and sells bioprocessing equipment and supplies used in the manufacturing of biologic drugs, including monoclonal antibodies, recombinant proteins, vaccines, and cell and gene therapies. Its customers include biopharmaceutical companies, contract development and manufacturing organizations, or CDMOs, and other life science companies. It sells four main product categories: filtration (including fluid management) is the largest category (about 55% of total revenue), while chromatography, proteins, and process analytics are 21%, 11%, and 13%, respectively. Customers in North America, Europe, and Asia Pacific contribute about 44%, 37%, and 19% of revenue, respectively. | $115 | -2% | $6B | $6B | 8.7x | 35.4x | ||
| Avantor Inc provides products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company operates through two segments: Laboratory Solutions and Bioscience Production. It offers materials & consumables, equipment & instrumentation, and services & specialty procurement. Product groups include Equipment & Instrumentation, Services & Specialty Procurement, Proprietary Materials & Consumables, and Third-Party Materials & Consumables. Materials & consumables include high-purity chemicals and reagents, lab supplies, customized excipients, single-use assemblies, chromatography products, sample preparation kits, and fluid handling solutions. It operates in the Americas, Europe, and AMEA. | $8 | -37% | $6B | $9B | 1.4x | 8.5x | ||
| Genscript Biotech Corp is a China-based provider of life science research services and products. The firm is known for its gene synthesis capabilities, a widely used service by academics, biotech companies, and pharmaceutical companies around the world. The company's business segments include Life-science services and products, Biologics development services, Industrial synthetic biology products, and the Operation unit. The company generates the majority of its revenue from the life-science services and products unit, which provides comprehensive research services and products, which are widely used and are fundamental to life-science research and application. Geographically, the company generates the majority of its revenue from the United States of America, followed by Mainland China. | $2 | +1% | $4B | $3B | 3.2x | 16.3x | ||
| Fortrea is a global, late-stage contract research organization that provides comprehensive phase 1 through phase 4 clinical trial management, clinical pharmacology, and patient access solutions. The company works with emerging and large biopharma, medical device, and diagnostic companies to run their clinical trials as a functional-service provider, full-service provider, and offers hybrid trials. In 2023, Fortrea was formed as an independent, publicly traded company after Labcorp spun off its clinical development business, which it acquired via its purchase of Covance in 2015 for $6.1 billion. Fortrea has 19,000 staff members across 90 countries. | $13 | +207% | $1B | $2B | 0.8x | 11.7x | ||
| Maravai LifeSciences Holdings Inc is a life sciences company that provides critical products that drive the development of groundbreaking vaccines, drug therapies, cell and gene therapies, and diagnostics. The group's solutions empower research into human diseases and support the entire biopharmaceutical development process from early discovery to commercialization. Its reportable segments are Nucleic acid production and biologics safety testing. It generates a majority of its revenue from Nucleic Acid Production and focuses on the manufacturing and sale of nucleic acid products to support the needs of customers' research, and therapeutic and vaccine programs. In addition, the segment also provides research products for labeling and detecting proteins in cells and tissue samples. | $4 | +96% | $651M | $755M | 4.1x | (24.2x) | ||
| Emergent BioSolutions Inc offers public health products to the government and healthcare providers. Company operates in three segments namely Commercial Product, MCM Products, and Services segment. The Commercial Product Segment consisting of Nasal Spray; the MCM Products Segment consisting of Anthrax-MCM products, Smallpox-MCM products and Other Products and the Services Segment consisting of Bioservices portfolio. The key revenue is generated through the commercial segment which consists of NARCAN and other commercial products. | $8 | +34% | $436M | $849M | 1.1x | 3.6x | ||
| Forward Industries Inc is a provider of carrying and protective solutions. The company operates in two segments: design and digital assets. The design segment consists of two operating segments (IPS and Kablooe, which have been aggregated into one reportable segment) that provide a full spectrum of hardware and software product design and engineering services to customers predominantly. | $5 | -- | $343M | $379M | 20.8x | (352.0x) | ||
| Frontage Holdings Corp provides laboratory and related services to pharmaceutical and agrochemical companies. Its segments include North America and Europe segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the USA, Canada and Europe; and PRC segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the PRC. It derives majority of the revenue from North America and Europe segment. Geographically majority of the revenue is derived from USA and Canada. | $0 | -20% | $236M | $324M | 1.3x | 6.0x | ||
| Lifecore Biomedical Inc is a fully integrated contract development and manufacturing organization (CDMO) that provides services in the development, fill, and finish of complex sterile injectable pharmaceutical products in syringes, vials, and cartridges. The group recognizes revenue in two different product categories, CDMO and HA manufacturing. | $5 | -27% | $185M | $313M | 2.4x | 23.9x | ||
| Champions Oncology Inc is a USA based company which is engaged in the development and sale of state of the art technology solutions and products to personalize the development and use of oncology drugs. The company operates through one segment namely Personalized Oncology Solutions (POS) and Translational Oncology Solutions (TOS). Its POS business assists physicians in developing personalized treatment options for their cancer patients through tumor-specific data obtained from drug panels and related personalized oncology services. The TOS business assists pharmaceutical and biotechnology companies with their drug development process and offers studies or license tumors for use in studies. The company's revenue is majorly derived from research services. | $6 | +2% | $83M | $81M | 1.4x | 11.2x | ||
| Viropro Inc is an integrated developer and manufacturer of biopharmaceutical products that address unmet medical needs efficiently and cost-effectively. The company intends to develop its products for commercial sale and make its facility available for contract manufacturing. | $0 | -- | $12M | $12M | — | — | ||
| Inotiv Inc is a pharmaceutical development company specializing in nonclinical and analytical drug discovery, development services to the pharmaceutical, chemical, and medical device industries. It operates in two segments; Discovery and Safety Assessment (DSA) and Research Models and Services (RMS). Through the DSA segment, the company supports the discovery, nonclinical development, and clinical development needs of researchers and clinicians for small molecule drug candidates, biotherapeutics, and biomedical devices. Through the RMS segment, the company offers access to a wide range of small and large research models for basic research, drug discovery, development, and specialized models for specific diseases and therapeutic areas. The company earns maximum revenue from RMS Segment. | $0 | -90% | $9M | $482M | 0.9x | 14.2x | ||
| Median | $8 | +1% | $1B | $2B | 2.5x | 11.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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